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NAPLES — Kitson & Partners bought Tuscany Reserve, a 450-acre golf course community in Naples, for an undisclosed amount, the Palm Beach Gardens-based firm announced today.
Addax Bank, based in Bahrain, is the seller in the deal. Addax bought the property from WCI Communities in 2008.
President and CEO Syd Kitson said the purchase was partly motivated by his confidence in the region's long-term marketability. “Real estate always comes down to location,” Kitson argued, “and Southwest Florida remains one of the best places to live in the country.”
Tuscany Reserve is approved for 799 housing units, although the company said that it might not necessarily build that many homes.
Kitson & Partners owns a diverse portfolio of real estate properties, including 21,000 entitled residential units, 6.2 million square feet of commercial entitlements, and 1.6 million square feet of existing retail space. The company was profiled in a September 2010 issue of the Business Review.
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